If the Price of a Good Increases by 10% and the Quantity

question 7

Multiple Choice

If the price of a good increases by 10% and the quantity demanded decreases by 10%, then at that price, the good is

• A)elastic.
• B)inelastic.
• C)perfectly inelastic.
• D)unit elastic.

---

Definitions:

Louisiana

A state in the southern region of the United States, known for its distinctive culture, history, and geographic significance, including the Mississippi River and bayous.

Smugglers

Individuals or groups who illegally transport goods across borders to avoid taxes or import/export restrictions.

Slave Trade

The historical trade in which human beings were bought and sold as property, primarily seen in the transatlantic trading systems between the 16th and 19th centuries.